Process Spectroscopy Market Size, Share, Trends, Growth 2030

Process Spectroscopy Industry Perspective:

The global process spectroscopy market size was evaluated at $19.18 Billion in 2022 and is slated to hit $33.15 Billion by the end of 2030 with a CAGR of nearly 7.10% between 2023 and 2030.

The market report is an indispensable guide on growth factors, challenges, restraints, and opportunities in the global marketplace. The report covers the geographical market along with a comprehensive competitive landscape analysis. Additionally, the report explores the investor and stakeholder space to help companies make data-driven decisions.

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Global Process Spectroscopy Market: Synopsis

Process spectroscopy is the method of using a spectrometer to monitor the manufacturing process of a sample product. Moreover, this process spectroscopy finds a spectrum of applications in spectrometry techniques. There are various kinds of spectroscopy techniques such as near-infrared spectroscopy, Fourier transforms infrared spectroscopy and Raman spectroscopy. These techniques save time and expenditure on the various monitoring processes. The process spectroscopy is considered one of the best methods to infer finished goods due to its beneficial features.

Key Insights

• As per the analysis shared by our research analyst, the global process spectroscopy market is projected to expand annually at the annual growth rate of around 7.10% over the forecast timespan (2023-2030)
• In terms of revenue, the global process spectroscopy market was evaluated at nearly $19.18 billion in 2022 and is expected to reach $33.15 billion by 2030
• The global market is anticipated to record massive growth over the forecast period High focus of players in chemical, life sciences, pharmaceuticals, food & beverages, and farming sectors on improving product quality to fulfill quality standards set by ISO and Six Sigma.
• Based on technology, molecular spectroscopy to account for the major market share over the forecast period
• In terms of component, the hardware segment is predicted to account for a major share of the global market during the analysis timeframe.
• On basis of application, the pharmaceuticals segment is predicted to account for a major share of the global market during the analysis timeframe.
• Region-wise, the North American process spectroscopy market is projected to contribute majorly towards the global market share over the assessment period.

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Which factors will impact the growth of the process spectroscopy market?

Industry players’ emphasis on improving product quality to spearhead the global market trends

High focus of players in chemical, life sciences, pharmaceuticals, food & beverages, and farming sectors on improving product quality to fulfill quality standards set by ISO and Six Sigma will boost the global process spectroscopy market growth. With consumers increasingly demanding high-quality packaged products, the market for process spectroscopy is predicted to gain traction in the years ahead. In addition to this, process spectroscopy helps product manufacturers in regulating and supervising the complete manufacturing process. Apart from this, it is used for assessing and testing raw material quality through the use of quality checks at every production process. This assists the product manufacturers in examining the final product quality. All these aforementioned factors will drive global market trends.

Furthermore, firms are highlighting preventing variable rework expenses and scrap costs and this can prop up the scope of the growth of the global market. Growing awareness among the end-users about the benefits provided by the use of process spectroscopy will enhance the market demand. In addition to this, favorable government laws pertaining to the safety standards of products will proliferate the size of the global market.  

What will hinder the expansion of the process spectroscopy industry?

High capital investments costs to put brakes on the growth of the process spectroscopy industry across globe

Need for huge capital and lack of availability of skilled workforce can put brakes on the expansion of the global process spectroscopy industry.

What are the new growth opportunities that global process spectroscopy market can explore?

Innovations in spectrometer & spectroscopy to open new avenues of growth for the global market

Breakthroughs in spectroscopy leading to a reduction in spending on product monitoring will open new growth avenues for the global process spectroscopy market.

What are the challenges faced by process spectroscopy business?

High deployment costs & construction expenditure to pose a massive threat to the expansion of the global industry

Moreover, the huge installation and construction costs of process spectroscopy can pose a huge challenge to the growth of the global industry.

Process Spectroscopy Market: Segmentation

The global process spectroscopy market is sectored into technology, component, application, and region.

In terms of technology, the global process spectroscopy market is divided into mass spectroscopy, molecular spectroscopy, and atomic spectroscopy segments. Apparently, the molecular spectroscopy segment, which accounted for nearly 45% of the global market share in 2021, is set to dominate the segmental growth during the forecast timeline. The segmental surge can be credited to the rising miniaturization of the equipment of molecular spectroscopy and advancements in Raman systems. Rise in penetration of molecular spectroscopy in life sciences and pharmaceuticals will boost the segmental surge.

Based on the component, the global process spectroscopy industry is bifurcated into hardware and software segments. Furthermore, the hardware segment, which contributed nearly over 75% of the global industry share in 2021, is retaining industry domination over the forecast timeline. The growth of the segment over the analysis period can be owing to surging demand for spectroscopic techniques.

On basis of application, the process spectroscopy market across the globe is sectored into food & agriculture, polymer, pulp & paper, pharmaceuticals, water & wastewater, oil & gas, chemical, and metal & mining segments.  The pharmaceuticals segment, which accounted for nearly 32% share of the global market revenue in 2021, is projected to dominate the global market revenue share even in the near future. The segmental expansion over the forecast period can be attributed to the large-scale use of spectroscopic techniques in the pharmaceuticals segment.

Recent Breakthroughs

• In the second half of 2021, Thermo Fisher Scientific Inc., a U.S.-based supplier of reagents, consumables, and scientific instruments, introduced next-generation of mass spectrometry devices and software at the American Society for Mass Spectrometry Conference held in Pennsylvania, the U.S. The new equipment will help in performing of perfect analysis of peptide mapping, monoclonal antibodies, and oligonucleotide mass determination. The move will boost the expansion of the process spectroscopy market globally.
• In the first quarter of 2022, PerkinElmer, Inc., a key player in diagnostics & life sciences research, introduced a new FT-IR liquid food-testing tool that includes streamlined workflows, equipment, and software. The new process spectroscopy platform will help in delivering results in just a few seconds. The move will expand the scope of the growth of the global industry.
• In the third quarter of 2020, Wasatch Photonics, a key supplier of spectroscopy equipment, launched WP 248 Raman spectrometer, an addition to the UV Raman spectrometer product line. Furthermore, the product will be used in gas detection, protein & nucleic acid analysis, and material analysis. The initiative will enlarge the popularity of spectroscopy across the globe.

Process Spectroscopy Market Report Scope:

Process Spectroscopy Market: Regional Insights 

Process Spectroscopy market in North America to witness a mammoth expansion over 2023- 2030

The North American region, which contributed nearly 45% of the overall process spectroscopy market share in 2021, is set to maintain its regional market domination in the upcoming years. The growth of the regional market in ensuing years can be due to the rise in shale gas production in the countries such as Canada and the U.S. Apart from this, the region possesses strong infrastructure facilities and there are ongoing technological innovations in the process spectroscopy in the sub-continent, thereby driving the regional market trends.

Furthermore, the Asia-Pacific process spectroscopy industry is projected to record the highest CAGR over the forecast timespan. The regional market growth over the next eight years can be attributed to the presence of a large number of manufacturing firms and the use of spectroscopic methods for manufacturing and refining oil & gas.

Process Spectroscopy Market: Competitive Space

The global process spectroscopy market profiles key players such as:

• ABB Group
• Kaiser Optical Systems Inc
• HORIBA Ltd.
• Agilent Technologies Inc.
• Bruker Corporation
• Magritek
• Danaher Corporation
• FOSS
• Buchi Labortechnik AG
• Kett Electric Laboratory
• Shimadzu Corporation
• Yokogawa Electric Corporation
• Sartorius AG
• Thermo Fisher Scientific Inc
• Timegate Instruments Ltd
• PerkinElmer Inc.

The global process spectroscopy market is segmented as follows:

By Technology

• Molecular Spectroscopy
• Mass Spectroscopy
• Atomic Spectroscopy  

 By Application

• Polymer
• Pharmaceuticals
• Oil & Gas
• Food & Agriculture
• Water & Wastewater
• Chemical
• Pulp & Paper
• Metal & Mining

By Component

• Hardware
• Software

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa